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FINANCIAL STRATEGY

A diversified investor base and reduced financing risk

Debt capital represents an important financing source for the Iberdrola group. Central to Iberdrola's financial strategy is its target financial ratios.

Iberdrola seeks to, whenever possible, centralize its financing activities, however there are circumstances when the group considers it necessary to arrange finance at the subsidiary level. This means that the majority of financing is conducted at the Iberdrola S.A. level or conducted through instruments with the guarantee of Iberdrola S.A.

Iberdrola S.A. places importance on having a diversified investor base and on reducing financing risks. Iberdrola therefore issues in different markets, currencies and with varying maturities.

The illustrations below show Iberdrola group's solvency ratios and adjusted net debt at 31 March 2019 and its improvement with respect to those presented in March 2018.

Debt as at 31 March 2019 can be broken down by currency and interest rate, as follows: